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Sounds like another reason for gold to go down when it should go up
1:48a ET Tuesday, September 27, 2005
Dear Friend of GATA and Gold:
MiningMX's David McKay has an excellent report
from the Denver gold conference about World
Gold Council Chairman Pierre Lassonde's
remarks there Monday.
Among other things, McKay quotes Lassonde
as saying:
* The European central banks participating in
the renewed Washington Agreement on Gold
may sell only half the 500 tonnes authorized
for the agreement year just beginning.
* The gold council's exchange-traded fund has
been a great success, creating 250 tonnes
of gold demand.
* The gold council's five large-producing members
are supporting the 70 or so other producing
miners that don't belong to the council, and the
council would like to build its membership to
include half the producing miners and thereby
raise more money for promoting gold.
Nobody seems to have observed to Lassonde
that maybe so many mining companies don't
belong to the gold council because they can't
make any money at the current price, and that
it is low in part because the gold council's
major members helped drive it down so much
by cooperating with central banks in recent
years in hedging gold production. The interest
of the gold council's major members in a low or
at least restrained gold price, a price
carefully regulated by the central banks, is
not necessarily the interest of everyone else
in the mining business, nor necessarily in the
interest of gold investors. Indeed, as long
as the gold council plays footsie with the
hedgers and the central banks, it hardly
can represent gold's interest at all.
These issues seem unlikely to be raised at
the Denver conference.
The MiningMX story is headlined "Lassonde
Raises Flag on Central Bank Gold Shortfall"
and you can find it here:
http://www.miningmx.com/dgc/493108.htm
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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